So You Just Bought a $450 Million Leonardo da Vinci Painting. Now What?
There are numerous practical matters to consider, like packing, shipping, insurance, and tax liability. So, as soon the winning bid comes in, a host of legal and logistical procedures are set in motion. With more and more works commanding eight- and nine-figure prices at auction - including a $110 million Basquiat this past spring and a $179 million Picasso in 2015 - the stakes have never been higher when it comes to handling pricey works.